Capitol to Courthouse Florida Insurance Report: Wednesday, December 3, 2014
Dec 3, 2014
To go directly to the section of your choice, click on a hyperlink below. Other hyperlinks to meeting information, bills and news are noted in bold type.
Daily Florida Insurance-Related Events
1:00 p.m. to 2:30 p.m.–Florida Citizens Property Insurance Consumer Services Committee meeting. Teleconference: (866) 361-7525; participant code: 6487811620#. To view the meeting notice, click here.
Daily Florida Insurance-Related News
Florida’s Citizens Property Insurance shrinks to smallest size since 2005
After Sunday’s close of a ninth straight hurricane-free season, state-run Citizens Property Insurance said it has slimmed down to 727,000 customers, a drop of 27 percent since the start of the year, Charles Elmore reports for the Palm Beach Post.
Slow hurricane season could spell relief for Citizens Property Insurance policyholders
Hurricane season officially ended this week leaving Florida unscathed for the ninth year in a row. The respite from pricey storm damage in the Sunshine State is leaving Citizens Property Insurance with a little more room to breathe, Janelle Irwin reports for SaintPetersBlog.com.
Session on flood maps planned; Some residents might think they’re in high-risk zone
Misinterpretation of an online tool used to view newly revised preliminary federal flood insurance rate maps could be causing houses to fall into more expensive high-risk zones instead of moderate-to-low risk areas, the Palm Beach Daily News reports.
Florida Supreme Court Weighs Workers’ Comp Attorney Fee Schedule
The Florida Supreme Court is considering whether to declare the state’s workers’ compensation attorney fee schedule unconstitutional. Insurance Journal’s Michael Adams reports.
Florida’s Little-Used Health Marketplace to start selling Obamacare
Until now, Florida Health Choices has only sold limited benefit and discount plans that offered dental, vision, prescription and other services. The state marketplace opened to little interest from consumers last spring, selling only 49 plans. Nicholas Nehemas and Kathleen McGrory report for the Bradenton Herald.
Regions Insurance Opens Florida Office with Acquisition of Teaberry Business
Regions Insurance, an affiliate of Regions Bank, has opened an office in St. Petersburg, Florida after agreeing to purchase the accounts of Teaberry Health and Welfare Benefits Practice, Insurance Journal reports.
InsureZone Direct Announces Expansion Into Florida
Fort Worth, Texas-based InsureZone, a national brokerage and agency network and a leader in insurance technology, announced today the launch of their Florida InsureZone Direct agency alliance operations designed to give an exclusive opportunity to small and mid-sized independent insurance agencies offering them products, tools and support needed to compete with larger brokers and direct writers.
Florida Senate appropriations gavel goes to Tom Lee
Florida Senate President Andy Gardiner has named SenatorTom Lee, R-Brandon, chairman of the chamber’s appropriations committee. Matt Dixon reports via Scripps’ “Political Fix Florida” blog.
Florida Department of Transportation Secretary Ananth Prasad stepping down
Florida Secretary of Transportation Ananth Prasad resigned Tuesday effective January 2 2015. Prasad is the third secretary of a major state agency to leave Governor Rick Scott’s administration in the past week, SaintPetersBlog.com’s James Call reports.
Matt Hudson In Charge Of Florida House Health Care Spending For A Third Term
Speaker Pro Tempore Matt Hudson will be in charge of health care spending in the House of Representatives and the substantive Health and Human Services Committee will be run by State Representative Jason Brodeur. Christine Jordan Sexton reports for SaintPetersBlog.com.
Florida’s minimum wage will rise to $8.05 on January 1
Florida’s minimum wage will increase to $8.05, up 12 cents from $7.93 in 2014. For tipped employees, the minimum wage required is at least $5.03 an hour. The Sun-Sentinel’s Marcia Heroux Pounds reports.
Soto, Bullard file legislation to ban fracking
Two Senate Democrats have filed a bill to ban hydraulic fracturing in Florida, Jenna Buzzacco-Foerster reports via Scripps’ “Political Fix Florida” blog.
Internal GOP Tensions Simmer Over Terrorism Insurance
Conservatives square off against some fellow Republicans, business groups, and Senate Democrats over the TRIA program, Billy House reports for the National Journal.
A.M. Best Report: Last Resort Insurers Welcome Catastrophe Bond Market
The convergence market has provided an opportunity for entities that act as insurers of last resort to transfer some of their peak exposures to the capital markets, according to a Best’s Special Report titled, “Last Resort Insurers Welcome Relief From Growing Catastrophe Bond Market.” Insurance Journal reports.
Snow Named Chief of New Office of Captive Insurance at Ohio Department
Following the signing of legislation allowing Ohio businesses to form captive insurance companies, the Ohio Department of Insurance tapped Tracy Snow as chief of its newly established Office of Captive Insurance, Insurance Journal reports.
Insurance firm owes $41 million to Greenlight Re
An insurance company headquartered in Oak Ridge has been ordered to pay a reinsurance firm more than $41 million. The Knoxville News-Sentinel reports via Advisen.com.
Aetna to Establish Captive Insurer in Connecticut
Connecticut Governor Dannel P. Malloy announced on that Hartford, Connecticut-headquartered health insurer Aetna is establishing its captive insurance company in its home state, becoming the state’s fifth licensed and largest captive insurer to date. Insurance Journal reports.
Shanghai vows to build international insurance center by 2020
Shanghai’s municipal government announced plans to create an advanced insurance market that meets the demand of economic and social development for the metropolis, with plans to make itself an international insurance center by 2020. China Daily reports via Advisen.com.
2014 insurance fraud hall of shame
America’s most notorious insurance schemers have earned leadership of their moral wasteland by induction into the Insurance Fraud Hall of Shame. National Underwriter’s PropertyCasualty360.com reports.
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